The speed limiter, also known as
“governor”, is primarily utilized to control excessive speeding of the
vehicle. Newly developed and compact speed limiters improves the safety
of the vehicle. Different types of speed limiters include adjustable
speed limiter and intelligent speed limiter. Adjustable speed limiter is
a commonly used speed limiter in most cars. Major OEMs and
manufacturers are offering more advanced systems for their cars in which
the speed limiter is connected to a camera, which automatically detects
the speed limit signs and functions according to those signs.
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In certain regions, such as North
America, regulatory bodies are likely to make speed limiters mandatory
for heavy duty commercial vehicles. Moreover, the speed limiter protects
the engine, which in turn indirectly increases the lifespan of the
vehicle. Demand for safety features in vehicles is likely to boost the
automotive speed limiter market during the forecast period. Rise in
safety concerns in heavy duty vehicles is likely to drive the automotive
speed limiter market during the forecast period.
The global automotive speed limiter
market can be segmented based on type, vehicle type, sales channel, and
region. In terms of type, the market can be segregated into electronic
speed limiter, variable speed limiter, adaptive speed limiter, and
other. The electronic speed limiter is a newly developed device that
controls the fuel injection system in order to regulate the maximum
driving speed limit. In variable speed limiter, the vehicle’s exact
position is detected through the GPS system and the speed limit is
regulated automatically from the programed data base.
Based on vehicle type, the automotive
speed limiter market can be divided into passenger vehicle, commercial
vehicle, and electric vehicle. Governments are likely to make speed
limiters mandatory for commercial vehicles in the near future, which in
turn is anticipated to propel the automotive speed limiter market during
the forecast period.
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Rapid industrialization, expansion of the
construction industry and the demand for electric heavy commercial
vehicles are anticipated to drive the automotive speed limiter market
during the forecast period. The passenger vehicle segment can be further
sub-segmented into hatchback, sedan, and utility vehicle. Rise in
demand for SUVs and high engine power vehicles is likely to boost the
automotive speed limiter market during the forecast period.
In terms of sales channel, the automotive
speed limiter market can be categorized into aftermarket and OEM.
Government mandate, demand from consumers, and reduction in road traffic
accidents have prompted OEMs to provide the speed limiter in their
vehicles. Consequently, the OEM segment is likely to expand at a
significant pace, which in turn is anticipated to drive the automotive
speed limiter market during the forecast period.
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